Noonan expected 'bigger mark down' in Irish economy

Finance Minister Michael Noonan has said he is "very pleased" with the latest economic forecast from the Central Bank.

Noonan expected 'bigger mark down' in Irish economy

Finance Minister Michael Noonan has said he is "very pleased" with the latest economic forecast from the Central Bank.

In its Quarterly Bulletin, the bank said the Irish economy will grow by an average of 1% in 2011 - driven by exports.

However, its revised downwards its outlook for 2012.

The Central Bank is also advising the Government to reduce the Exchequer deficit to below the target of 8.6% next year.

Tax hikes and spending cuts of between at least €3.6bn and €4bn will be unveiled in December.

But speaking in Luxemburg, Minister Noonan said that Department of Finance would have to make its own projections and this would be crucial to the budget preparations.

Mr Noonan said: "I was expecting, with the decline in the economies of our customer countries to which we export, that there would be a more significant mark down.

"The Deprtment of Finance will have to form their own independent opinion, through their own forecasting unit, as to where we pitch the estimate for next year. That will be a crucial factor in the preparation of the Budget."

More in this section

Price info
IE_180_logo
Price info

Subscribe to unlock unlimited digital access.
Cancel anytime.

Terms and conditions apply

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up